Victor and Roberta Sanchez file jointly and had a combined income of $83,700 last year. They contributed $4,200 to their retirement plan and had itemized deductions of $19,420. Their combined income tax withheld last year amounted to $9,333. Are they entitled to a refund or do they owe additional taxes? A. entitled to a refund B. we additional taxes How much (in $)? $
Victor and Roberta Sanchez file jointly and had a combined income of $83,700 last year. They contributed $4,200 to their retirement plan and had itemized deductions of $19,420. Their combined income tax withheld last year amounted to $9,333. Are they entitled to a refund or do they owe additional taxes? A. entitled to a refund B. we additional taxes How much (in $)? $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Victor and Roberta Sanchez file jointly and had a combined income of $83,700 last year. They contributed $4,200 to their retirement plan and had itemized deductions of $19,420. Their combined income tax withheld last year amounted to $9,333.
Are they entitled to a refund or do they owe additional taxes?
A. entitled to a refund
B. we additional taxes
How much (in $)?
$
Expert Solution
Step 1
(1) Since nothing is mentioned regarding the Taxable year in the question, we are considering those given incomes and deductions for 2020.
(2) Also, giving Victor and Roberta Sanchez are filing Jointly and hence taken as married and filing Jointly.
The Tax brackets for Married and Filing Jointly for 2020 are,
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